| Marketable Securities |
Marketable Securities Marketable securities as of June 30, 2025 and December 31, 2024 consist of both available-for-sale debt securities of investment grade issuers (see below and Note 6) as well as equity securities of publicly traded companies (see Note 6). The following tables summarize the Company's investments in available-for-sale debt securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In millions) | | Amortized | | Unrealized | | Fair | As of June 30, 2025 | | Cost Basis | | Gains | | Losses | | Value | | Corporate bonds | | $ | 8,901.5 | | | $ | 66.7 | | | $ | (8.7) | | | $ | 8,959.5 | | | U.S. government and government agency obligations | | 3,656.2 | | | 9.0 | | | (1.3) | | | 3,663.9 | | | Commercial paper | | 573.2 | | | 0.1 | | | (0.1) | | | 573.2 | | | Certificates of deposit | | 417.2 | | | 0.2 | | | — | | | 417.4 | | | Asset-backed securities | | 371.0 | | | 1.3 | | | (0.1) | | | 372.2 | | | Sovereign bonds | | 60.0 | | | 0.4 | | | — | | | 60.4 | | | | $ | 13,979.1 | | | $ | 77.7 | | | $ | (10.2) | | | $ | 14,046.6 | | | | | | | | | | | As of December 31, 2024 | | | | | | | | | | Corporate bonds | | $ | 8,226.9 | | | $ | 25.1 | | | $ | (31.4) | | | $ | 8,220.6 | | | U.S. government and government agency obligations | | 4,820.5 | | | 3.4 | | | (6.9) | | | 4,817.0 | | | Commercial paper | | 548.3 | | | 0.4 | | | — | | | 548.7 | | | Certificates of deposit | | 380.6 | | | 0.5 | | | — | | | 381.1 | | | Asset-backed securities | | 279.0 | | | 0.6 | | | (0.3) | | | 279.3 | | | Sovereign bonds | | 82.7 | | | 0.1 | | | (0.4) | | | 82.4 | | | | $ | 14,338.0 | | | $ | 30.1 | | | $ | (39.0) | | | $ | 14,329.1 | |
The Company classifies its investments in available-for-sale debt securities based on their contractual maturity dates. The available-for-sale debt securities as of June 30, 2025 mature at various dates through July 2030. The fair values of available-for-sale debt securities by contractual maturity consist of the following: | | | | | | | | | | | | | | | | | June 30, | | December 31, | | (In millions) | | 2025 | | 2024 | | Maturities within one year | | $ | 5,473.8 | | | $ | 6,524.3 | | | Maturities after one year through five years | | 8,572.4 | | | 7,804.8 | | Maturities after five years | | 0.4 | | | — | | | | $ | 14,046.6 | | | $ | 14,329.1 | |
The following table shows the fair value and gross unrealized losses by category and disaggregated by the length of time that the Company's available-for-sale debt securities have been in a continuous unrealized loss position. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or Greater | | Total | (In millions) As of June 30, 2025 | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Corporate bonds | | $ | 8,501.0 | | | $ | (1.5) | | | $ | 458.5 | | | $ | (7.2) | | | $ | 8,959.5 | | | $ | (8.7) | | | U.S. government and government agency obligations | | 3,640.7 | | | (1.2) | | | 23.2 | | | (0.1) | | | 3,663.9 | | | (1.3) | | Commercial paper | | 573.2 | | | (0.1) | | | — | | | — | | | 573.2 | | | (0.1) | | | Asset-backed securities | | 365.2 | | | (0.1) | | | 7.0 | | | — | | | 372.2 | | | (0.1) | | | | $ | 13,080.1 | | | $ | (2.9) | | | $ | 488.7 | | | $ | (7.3) | | | $ | 13,568.8 | | | $ | (10.2) | | | | | | | | | | | | | | | As of December 31, 2024 | | | | | | | | | | | | | | Corporate bonds | | $ | 7,175.8 | | | $ | (14.2) | | | $ | 1,044.8 | | | $ | (17.2) | | | $ | 8,220.6 | | | $ | (31.4) | | | U.S. government and government agency obligations | | 4,675.3 | | | (6.2) | | | 141.7 | | | (0.7) | | | 4,817.0 | | | (6.9) | | | Asset-backed securities | | 265.4 | | | (0.3) | | | 13.9 | | | — | | | 279.3 | | | (0.3) | | | Sovereign bonds | | 63.3 | | | (0.3) | | | 19.1 | | | (0.1) | | | 82.4 | | | (0.4) | | | | $ | 12,179.8 | | | $ | (21.0) | | | $ | 1,219.5 | | | $ | (18.0) | | | $ | 13,399.3 | | | $ | (39.0) | |
With respect to marketable securities, for the three and six months ended June 30, 2025 and 2024, amounts reclassified from Accumulated other comprehensive income (loss) into Other income (expense), net were related to realized gains/losses on sales of available-for-sale debt securities. For the three and six months ended June 30, 2025 and 2024, realized gains/losses on sales of marketable securities were not material.
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